Bank Nifty continue to hold 24250 on Monthly Close

By | March 31, 2018
  • As Discussed in Last Analysis   High made today was 24496 but failed to close above 24476, Bulls need a close above 24476 for another upmove of 300-500 points. Till we are holding 24250 bulls have upper hand and can rally towards 24750/24920. Bearish below 24250 for a move back to 24100/23920. Low made was 24203 but closed above 24250 suggesting bulls have control and we can head towards 24476. Bulls need a close above 24476 vedic number for the next move towards 24750/24920/25000.Bearish below 24250 for a move back to 24100/23920.  Important intraday time for reversal can be at 10:37/2:05. Traders Success Model

  • Bank Nifty April Future Open Interest Volume is at 14.7 lakh with addition of 3.9 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24358 and rollover %@68.5, closed below it.
  • 25000 CE is having highest OI @3.5 Lakh resistance at 25000 followed 25500.24000-26000 CE added 4.1 lakh in OI so bears added  position at 24800-25000.

 

  • 24000 PE is having highest OI @7.4 Lakh, strong support at 24200 followed by 24000.24000-26000 PE  added 1.9 lakh in OI so now 24200 will act as strong support

 

Buy above 24350 Tgt 24420,24500 and 24650 (Bank Nifty Spot Levels)

Sell below 24250 Tgt 24190,24100 and 24000 (Bank Nifty Spot Levels)

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